senior mortgage

Definition of "senior mortgage"
  1. It's a type of loan that has the topmost priority for payment when the borrower fulfills their debts
How to use "senior mortgage" in a sentence
  1. The bank retained the rights to the senior mortgage on the property, ensuring they would be paid first in case of foreclosure.
  2. When the company went bankrupt, the senior mortgage was paid off first from the liquidated assets.
  3. The creditor with the senior mortgage receives his money before other creditors in case of a property sale.

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